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“What if” is a new series that looks at unlikely, but plausible possibilities in the jewelry industry.

When thinking about Lab Grown Diamonds, we tend to hyperfocus on the bottom of the market. We’ve become so obsessed with inherent cost that we miss broader opportunities. One of the best ways to revisit this is to consider what things might look like from the very top. As a thought exercise, let’s consider what it might look like if Tiffany introduced Lab Grown Diamond jewelry under a name like Tiffany Grown.

On its face, the idea of Tiffany selling Lab Grown seems unlikely based on recent efforts by LVMH to further elevate the brand's luxury positioning. But it’s essential to remember that, at least since I’ve been in the industry, Tiffany has always offered entry level designs to ensure that most can have a blue box experience.

With all this in mind, let’s consider how Tiffany might approach Lab Grown in a way that protects their luxury prestige, while expanding into a more accessible offering, one that is worthy of both the Tiffany name and the Tiffany retail price premium.

Tiffany Grown could start by introducing a tight assortment featuring the four essential silhouettes: Solitaire, Pave, Three Stone and Halo. Or if they wanted to play it safe, they could simply introduce studs and a pendant. If Tiffany expanded into multiple categories, it could continue to differentiate Tiffany Grown by offering as few designs as possible. Even if Lab Grown is successful, this narrow approach lets the brand participate without distracting their core luxury offerings too much.

The only thing less likely than Tiffany selling Lab Grown Diamonds would be Lab Grown Diamonds in The Tiffany Setting. With Tiffany Grown, there would be an opportunity to bring an entirely new design to market to celebrate this endeavor. Playing into the “grown” theme, they could leverage modern print-to-cast techniques to craft a design that would not be possible through traditional manufacturing processes. Giving Tiffany Grown its signature look would further help the brand expand its reach, without cannibalizing their existing designs.

Much as consumers would love the idea of a five-carat Lab Grown Diamond ring from Tiffany, the company should focus on traditional center sizes. Capping Tiffany Grown somewhere around 3 carats would ensure that authentic statement jewelry remains exclusively available in natural gemstones. Their Lab Grown Diamonds would be precisely cut in ½ carat, 1 carat, 2 carat, and 3 carat sizes, and customers would not be able to choose their diamond. While Tiffany only offers engagement rings in Platinum or a choice of 18 Karat Yellow or Rose Gold, Tiffany Grown could bring 14 Karat Gold back to the brand.

To further set Tiffany Grown apart, the company could craft a new proprietary cut to support the collection. Tiffany has always prided itself on cutting to prioritize brilliance over carat weight, which plays into one of Lab Grown’s key strengths. The affordable nature of Lab Grown Diamonds allows for cuts that just don’t make financial sense with natural material, even for a luxury brand like Tiffany. And based on current collections, it seems inevitable that a lapidary creates a cut for Tiffany that features “T” patterns within the diamond…  

While recent discussions in the jewelry industry center on bifurcating fine jewelry categories for Lab Grown and Natural Diamonds, Tiffany Grown could shift its focus to differentiating the experience. As of today, you cannot purchase a Tiffany engagement ring online. You can’t purchase a pair of diamond studs over 0.96 carats without a Client Advisor. And the largest diamond solitaire pendant on their website is 1.25 carats. Tiffany Grown could introduce a predominantly online experience that adds additional distance from Tiffany’s Natural Diamond designs.

Even though I struggle to imagine Tiffany ever launching a Lab Grown Diamond collection, it’s worth considering how they could create an accessible offering worthy of their name. While many luxury brands and retailers are opting out of Lab Grown Diamonds altogether, they risk missing out on a growing aspirational audience who cares about high-quality jewelry and would willingly pay a premium for an elevated Lab Grown experience, customers who might ultimately graduate to Natural Diamonds through the long-term guidance of a trusted jeweler. 

It’s easy to write off Tiffany Grown as the unrealistic pipe dream (or an affront to all that is luxury), but before you do, take a second and let me know what you think a Lab Grown Diamond offering from Tiffany could look like over on LinkedIn. 

If you’ve yet to do so, please sign up for future editions of “What If” and more from Brilliant Rough. And if you’d like an easy way to share this piece with someone else, I may or may not have purchased TiffanyGrown.com…